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F E D E R A L R E S E R V E BA N K O F N EW Y O R K Fiscal A gen t o f the United States for the Tennessee V alley A uthority r TV A Offering No. 1 2 ~! L March 21, 1966 J Invitation for Bids on $50,000,000 of 119-Day TENNESSEE VALLEY AUTHORITY POWER NOTES Dated March 31,1966 Due July 28, 1966 T o Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: Following is the text of an invitation authorized by the Tennessee Valley Authority to be issued today to certain commercial banks, trust companies, and dealers in investment securities: T enn essee V a lley A u thority ( “ T V A ” ) hereby invites bids announcem ent will be made by T V A of the am ount and price for the purchase to the aggregate am ount of $50,000,000 of its range of accepted bids. Pow er N o tes ( “ N o te s ” ), dated M arch 31, 1966, due July 28, be inform ed by the Federal Reserve Bank of N e w Y o r k of the 1966. acceptance thereof. T V A expressly reserves the right to accept The N otes will be issued on a discount basis and at T h o se subm itting successful bids will m aturity their face am ount will be payable without interest at or reject any or all bids, in w hole or in part, and the action the H ead Office of the Federal R eserve Bank of N e w Y o rk . of T V A in any such respect shall be final. T h e y will be issued in bearer form in denom inations of $5,000, $10,000, $100,000, and $1,000,000 (m aturity valu e). tional exchanges m ay be effected at the H ead D en om in a Office of the Federal R eserve Bank of N e w Y ork . Settlem ent for accepted bids m ust be made at the Federal Reserve Bank of N e w Y o r k on M arch 31, 1966, in cash or other im m ediately available funds. T h e N o tes will be issued to assist in providing capital for Bids will be received at the Securities D epartm ent of the H ead Office of the Federal R eserve Bank of N e w Y o r k up to the closing hour, 1:30 p.m ., Eastern Standard time, T uesday, M arch 29, 1966. N o bids will be accepted for a face am ount of N o te s less than $1,000,000. Bids m ust be for an even multiple of $5,000 and the price offered m ust be expressed on the basis of 100, with not m ore than three decimals, e.g., 99.925. Fractions m ay not be used. It is urged that bids be made on the printed form s and forw arded in the special envelopes which will be supplied by the Federal R eserve Bank of N ew Y ork the power program of T V A . T h e y w ill be negotiable. They will be payable solely from T V A ’s N et P ow er P roceeds (but m ay, at the option of T V A , be paid from the proceeds of refunding obligations or other funds legally available for such p ay m en t). N e t P ow er Proceeds are defined in, and required to be applied according to, the B asic T ennessee V a lle y A u th ority P ow er B ond Resolution ( “ Basic R esolution” ). T h e N o te s will not be obligations of, nor will paym ent thereof be guaranteed by, the U nited States o f A m erica. upon application therefor. In com e derived from the N o tes will be subject to Federal income taxation; but in the opinion of the General Counsel for Invitations for bids are being issued to certain com m ercial banks, trust com panies, and dealers in investm ent securities. TVA, under present laws and decisions, the N o te s will be exem pt from personal property taxes and the incom e therefrom O ther com m ercial banks, trust com panies, or recognized dealers will be exem pt from income taxes, now or hereafter im posed, in investm ent securities desiring to bid m ay do so on bid form s by any State or local taxing authority. obtained from the Federal R eserve Bank of N ew Y o rk . Bids submitted hereunder m ust be for the principal account of the bidder and not for the account of others. Circulars describing T ennessee V a lle y A uthority and P ow er N o tes issued by it, as well as copies of the Basic R esolution and periodic financial reports, m ay be obtained upon request Im m ediately after the closing hour, bids will be opened at the Federal R eserve Bank of N e w Y o r k , follow in g which public directed to T V A ’s D irector of Inform ation, K n ox ville, T e n nessee, or to the Federal Reserve Bank of N e w Y o r k . This Bank will receive bids in accordance with the foregoing invitation, up to 1 :30 p.m., Eastern Standard time, Tuesday, March 29, 1966, at the Securities Department of its Head Office. Please use the form on the reverse side of this notice to submit bids and return them sealed in the enclosed envelope marked “ Bid for T V A Power Notes.” Bids may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settle ment must be made in immediately available funds at this Bank on Thursday, March 31, 1966. A lfred H ayes, President. ( over) No............................... Bid for 119-Day Tennessee Valley Authority Power Notes Dated March 31, 1966.......................................... Due July 28, 1966 Dated at ........................................................ .............................................................. . 1966 T o F ed er al R eserve B a n k of N e w Y o r k , Fiscal Agent of the United States for the Tennessee Valley Authority: Pursuant to the provisions of the Invitation for Bids issued by Tennessee Valley Authority inviting bids for the above-described Power Notes and printed on the reverse side hereof, the undersigned hereby offers to purchase such Power Notes in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated b elow : $ ........................................................(maturity value) or any lesser amount that may be awarded. P r ic e .........................................per 100 (P rice must be expressed with not more than three decimal places, }or example, 99.925) Subject to allotment, please issue, deliver, and accept payment for the Notes as indicated below: P ieces M aturity V alue D enom inations $ □ 1. D eliver over the counter to the undersigned □ 2. Ship to the undersigned 5,000 □ 3. 10.000 H o ld in safekeeping (for account of m em ber bank o n ly )* □ 4. Special instructions: 100,000 1,000,000 T o ta l * I f this item is checked, the undersigned hereby certifies that the N otes to be held in safekeeping will be owned solely by the undersigned. P aym ent will be made as fo llo w s: □ By check in im mediately available funds 0 B y charge to our reserve account □ B y wire transfer from another Federal R eserve Bank or Branch N a m e of subscriber .............................................................................. (Please print) By ................................................................................................................... (Authorized corporation officer or partner) T itle ............................................................................................................... A d d ress ........................................................................................................ IN S T R U C T IO N S : 1. Subm it all bids in a sealed envelope m arked “ Bid for T V A P ow er N o te s.” 2. N o bid for less than $1,000,000 will be considered and each bid m ust be for an even multiple of $5,000 m aturity value. 3. I f the language of a bid is changed from the foregoing in any respect, which, in the opinion of the Pow er Finan cing Officer o f T enn essee V a lle y A u th ority, is material, the bid m ay be disregarded.
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